No Bones Broken

The U.S. economy felt its strike-battered bones and muscles, found only surface bruises. October's industrial production, which the Federal Reserve Board had estimated would fall 11%, had actually fallen only about 6%. With the strikes over (see NATIONAL AFFAIRS), production already showed signs of turning up, although the U.S. was still so woefully short of steel that it would take the industry six weeks or more to catch up. "

For lack of steel, Detroit's automakers were forced to lay off 37,000 more workers this week. But except for strike-born dislocations, the...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!